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Definition of efficiency
a measure of the degree to which tasks were performed
Reflects the amount of wasted energy.
The ability to produce the things most wanted at the least cost.
Reflects the relative amount of wealth wasted in making transactions. An efficient
Wage that maximizes profits.
Related: pricing efficiency.
The speed and accuracy with which prices reflect new information.
the number of hours actually worked minus the standard hours allowed for the production
The difference between the amount of time that was budgeted
a ratio resulting from dividing the actual production time by total lead time;
The degree to which the prices of assets reflect the available marketplace
the difference between total budgeted overhead at actual hours and total budgeted
Also called external efficiency, a market characteristic where prices at all times fully
A form of pricing efficiency where the price of the security fully reflects all
Market prices reflect all publicly available information.
Pricing efficiency, where the price of a, security reflects all information, whether or
Market prices rapidly reflect all information that could in principle be used to determine true value.
variable overhead efficiency variance
the difference between budgeted variable overhead based on actual input activity and variable overhead applied to production
Weak form efficiency
A form of pricing efficiency where the price of the security reflects the past price and
Market prices rapidly reflect all information contained in the history of past prices.
A country has a comparative advantage over another country in the production of good A if to produce a unit of A it forgoes more of the production of good B than would the other country when it produces a unit of good A. Its efficiency in the production of good A relative to its efficiency in the production of good B is greater than is the case for the other country. See also absolute advantage.
critical success factors (CSF)
any item (such as quality, customer
any measure used by management to protect
A cluster of manufacturing, design, and delivery practices designed to
the process of determining the degree
the number of total units that could be
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